The press release notes that the agreement will “raise the profile of the Japanese fintech industry and promote Singapore as a destination for Japanese business in wider Asia.”

The MOU was officially signed on March 13 at the Money 20/20 Asia conference, and celebrated with a “Friendship evening and Sake tasting” in Singapore.

Chia Hock Lai, the president of the SFA, said that the new partnership can help to “bridge the gap between the two fintech communities in both Singapore and Japan.” Natalie Shiori Fleming, Vice Chairperson of the FAJ, echoed his sentiments by writing that the FAJ “look[s] forward to growing synergies between our respective markets through a deeper relationship with the Singapore fintech community.”

The press release notes that Japan’s Financial Services Agency (FSA) has updated legislation that promotes collaboration between banks and “non-bank fintech companies,” and that the Monetary Association of Singapore (MAS) has fintech innovation as the “heart of [their] growth strategy.